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Re:canceling life insurance (1 viewing) (1) Guest
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TOPIC: Re:canceling life insurance
#6836
whyinsure (User)
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Re:canceling life insurance 7 Years, 5 Months ago Karma: 0  
Life insurance is possibly the most critical insurance policy you can take out. It forms a part of planning for your family's financial security. Consider the financial effect that losing the major breadwinner in your household would have on your family.
 
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whyinsure (User)
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Re:canceling life insurance 7 Years, 5 Months ago Karma: 0  
Life insurance is possibly the most critical insurance policy you can take out. It forms a part of planning for your family's financial security. Consider the financial effect that losing the major breadwinner in your household would have on your family.
 
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Mike Sareta (User)
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Re:canceling life insurance 7 Years, 4 Months ago Karma: 0  
Usually the cash value of a life insurance policy is not taxed. However, if you are entitled to some of the cash value, including accumulated earnings, then the earnings from the premium payments will be taxed. In such as case, the insurance company will issue a form 1099-R at year end which a statement of the earnings and you wil pay taxes on it. Then if you ever decide to pull out money from the insurance policy, the amount withdrawn is tax free.

One caveat: if you pull out money from the policy, then it may affect the annual premiums if the policy doesnt perform well. Talk to your advisor first.
 
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